Sustainable Development in India 2.0 with Reference to the BOP Perspective

Abstract

India is poised on a renewed growth path and several new initiatives are a brainchild of this vision. Programs such as Skill India, Digital India, and Make in India are certain key strategies for driving growth and sustainable socio economic development. The base of the pyramid sector is predominantly characterized by people with very low incomes; it is known that the bottom of the pyramid is the largest but poorest socio-economic group in the world. The current usage of the term ‘bottom of the pyramid’ refers to the four billion people living on less than $ 2 per day, the definition was familiarized and became widely known in 1998 through the works of C. K. Prahalad and Stuart L. Hart. The wealth and revenue generation capabilities at the base of the pyramid, especially in emerging markets have been the topic of many studies and research in recent years. The potential of the customers, who live on less than $ 2 per day, is immense. It is estimated that India accounts for close to 300 million adults and is a significant percentage of the population. If there has to be inclusive and all round growth and development it has to be aimed at empowering the poorest of the poor. This is a conceptual paper and looks at the sustained growth of India during India 2.0 period (1992 onwards) and further fuelled by PM Modi Government, aimed by the various initiatives and explores avenues to create sustained development from the BOP perspective with special focus on Economic development, Social development, Environmental protection, and Industry development